Economic Health

Why is this important?

Toronto’s Vital Signs Report tracks a number of important indicators of Toronto’s economic strength or weakness. Beyond large aggregated statistics like growth in GDP (which may mask underlying problems such as environmental degradation and income inequality), factors such as construction activity, tourism, and bankruptcy rates are important indicators that point to levels of investment, confidence, and economic stress.

 

What are the trends?

Toronto’s construction activity, considered a key indicator of economic vitality, was down in 2014, although major building construction remains a strong area for Toronto. The Region continues to attract visitors; the number of visitors to the city has increased six years in a row. The City urgently needs more revenue to meet major capital demands for transit and other aging infrastructure.

 

 

What’s new?

After years of discussion over its revenue shortfall to pay for services, the City is considering new revenue tools including a hotel tax. Toronto’s diversity has made it a hotspot for luxury retailers; almost 40% of the world’s leading retailers have locations here. The City is grappling with the effects of app-based “sharing” technologies on markets: for instance, in May 2016, Council adopted a vehicle-for-hire bylaw allowing companies such as Uber (usage of which almost doubled in a year) to operate with regulations. Meanwhile, social procurement by Toronto’s anchor institutions could offer a model strategy for more equitable and inclusive economic development.

 

How well is the City balancing its revenues and service expenditures?

 

Toronto needs more revenue and new revenue sources if it to build new or even maintain its existing infrastructure:

  • Toronto’s own tax revenues come from four sources: property taxes, the land transfer tax, the billboard tax, and a now permanent gas tax.[1]
  • projectingA 2014 report by the Institute on Municipal Finance and Governance at the Munk School of Global Affairs, University of Toronto, on the state of the City’s finances and recent fiscal trends predicts that the funding shortfall to even maintain the city’s existing assets will grow to nearly $2.5B by 2020.[2]
  • The 2006 City of Toronto Act gives the City the ability to add its own taxes to various goods and services, such as a vehicle-registration tax (the City lost about $60m a year in income when this was repealed in 2010), an entertainment tax (Chicago, for example, has a 9% entertainment tax), road tolls (a toll on the Don Valley Parkway could generate up to $120m a year according to one study), or taxes on parking, tobacco, or alcohol.[3]
    • Other international cities have far more revenue sources. New York City has 24 different taxes including a property tax, land transfer tax, sales tax, income tax, and vehicle tax. It generates a third of its revenue from income and sales tax alone.[4]
  • Income from property taxes funds about 34% of the City’s operating budget.[5] But residential property taxes are low—Torontonians (on average) pay lower property taxes than residents of many other Ontario municipalities.[6]
  • Toronto’s property tax revenues have grown more slowly than inflation since 2000 and the tax burden per household has fallen over this time.[7]
  • The remainder of the operating budget comes from user fees and payments from other levels of government.[8]
  • The City has three rate-based, user-funded revenue programs that are based on usage (Toronto Water), size of container (Solid Waste Management Services), and user fees (Toronto Parking Authority).
    • In 2015 the City spent $208.6m to collect and treat 415 billion litres of wastewater. The average Toronto household paid $2.45/day for waste and storm water management services and drinking water—amongst the lowest rates in the GTHA, according to the City.[9]
    • In 2014 Solid Waste Management served about one million residential homes and businesses (461,000 single-unit homes, 416,500 multi-unit homes, and 14,500 small not-for-profits, charities, and commercial business),[10] managing about 1 million tonnes of waste (525,000 tonnes of garbage, 138,000 tonnes green bin organics, and 216,000 recycling).79 It also provided services to 1,000 special events, collected from 8,500 street bins and 10,000 park bins, and assured the care of 160 closed landfill sites.[12]
    • In 2015 the Toronto Parking Authority managed 19,000 on-street spaces, 22,000 off-street spaces including 24 parking garages, 12,000 spaces for the TTC and 1,200 for the Toronto Community Housing Corporation, and 80 bike share stations with 1,000 bikes.[13]
  • Toronto’s municipal land transfer tax rate is 0.5 per cent on homes valued from $0 to $55,000; 1.0 per cent on homes valued from $55,000 to $400,000; and 2.0 per cent on homes in excess of $400,000.[14]
  • A 2016 report released by the Institute on Municipal Finance and Governance at the Munk School of Global Affairs, University of Toronto posits that while large cities like Toronto need new revenue sources, they can be expensive and politically difficult to implement. As a result, the report recommends that cities should piggyback new taxes onto provincial taxes for efficiency, with the province collecting the revenue and remitting it to cities. To promote accountability, however, there should be a clear link between revenue decisions and expenditures, and local governments should set their own tax rates.[15]

 

The Metcalf Foundation released a new report which calls for “full-cost pricing” of municipal services and infrastructure as a way for cities to raise revenue and address environment concerns.

  • Full-cost pricing is the price of a good or service plus the price of its delivery, the price of building and keeping up infrastructure, and the environmental cost (cost of pollution and of maintaining ecological systems). Such pricing can lead to healthier and more efficient cities, the report argues.
  • Using water as an example, the report authors say that residential users should be paying a price that, at a minimum, includes the costs of the operating and maintenance of the water delivery system. Full-cost pricing would also include future costs to repair, maintain, and replace the infrastructure in addition to the environmental impact of drawing the water from various sources (e.g., lakes, rivers, or aquifers).[16]

 

92.3% of the growth in net expenditures over the last 10 years is due to Emergency Services and the TTC[17]:

  • Transit accounts for a significant piece of the annual operating pie, and ambitious plans for essential new developments will require billions more in capital funding.[18]
  • In 2016, 53% of the portion of the City budget that comes from property taxes goes to the TTC and to police, fire, and paramedics. 25% of all property tax revenues that Toronto receives goes to the Police Service and Board alone.[19]

 

Cumulative Budgetary Growth, City of Toronto, 2007-2016 [20]

expenditure-growth

After years of discussion over a revenue shortfall, the City is considering new revenue tools to pay for services like transit and housing:

  • On June 7, 2016, Council voted to open the door to new revenue tools to meet the City’s budget challenges (while rejecting proposals to sell Toronto Hydro and the Toronto Parking Authority).
    • According to City Manager Peter Wallace, deferring expenses is not sustainable with an estimated $29b worth of unfunded capital projects over 15 years. The City currently relies on the municipal land transfer tax, utility rate increases, TTC fare hikes, and user fees to balance the budget.[21]
  • Among the revenue tools on the table is a hotel tax. Currently, there is no tax on any type of lodgings in the city—the City of Toronto Act forbids it (although HST of 13% applies to hotels, as it does to other goods and services).
    • The City tried to implement a hotel tax after amalgamation, but the Province did not grant approval.[22]
  • Toronto hotels already voluntarily participate in a destination marketing program that saves the City millions of dollars.[23]
    • After the SARS crisis in 2003, hotel associations and local tourism promotion agencies began collecting a voluntary Destination Marketing Fee (DMF), i.e., a contribution from room revenues towards a collective fund to market the City and Region internationally. Hotels can choose to pass their contributions (typically up to 3% of room revenue) onto customers.
    • The Greater Toronto Hotel Association (active for over 90 years, representing 170 hotels, about 36,000 guest rooms, and 32,000 employees in the GTA) collected these monies and transferred them to Tourism Toronto (which covers Toronto, Mississauga, and Brampton). Eventually the DMF replaced the City’s annual contribution to Tourism Toronto.[24]
  • The hotel tax being discussed by Mayor John Tory and the Premier would instead increase revenue for the City and would require approval from the Province to revise the 2006 City of Toronto Act.[25]
    • The new tax may be applied to motels, hostels, condominiums, apartment houses, lodging houses, boarding houses, clubs, bed and breakfast facilities, or other similar types of transient accommodations, and would affect the current funding model for Tourism Toronto—the DMF and an annual grant from the Ministry of Tourism, Culture and Sport ($9.9m in 2014/2015).[26]
    • The proposed hotel tax is expected to generate about $10m a year.[27]
  • According to the Greater Toronto Hotel Association, hotels already pay $2,500 to $11,000 per room annually in property taxes—$145m in 2015—and the Destination Marketing Program brought Tourism Toronto another $19m in 2015. A further tax, the association says, could make hotels so expensive that they could lose bids for major music, sports, and business events.
  • The Association also questioned whether a hotel tax would apply to those who rent out their homes through the popular Airbnb app, as they pay only residential tax on their homes.[28]
    • A briefing note on the destination marketing program requested by the Budget Committee concludes that implementing and enforcing compliance with a tax on online, private rentals would be difficult and costly.
  • The Budget Committee briefing note proposes two models for a hotel tax:
    • implement a hotel tax on top of the existing DMF to generate new revenue—a model that already exists in Vancouver, Calgary, and Edmonton; or
    • replace the DMF and split the tax between the City and the hotel industry—e.g., a 5% tax with 3% for the City and 2% for the industry—to ensure continued funding of a robust marketing program.[29]
  • The City also retained KPMG to assess potential revenue options for the City. The consulting firm’s revenue option suggestions included road pricing (e.g., tolls and congestion or cordon charges) and taxes on alcoholic beverages, tobacco, entertainment and amusements, motor vehicle owner registration, and parking. All are permitted under the City of Toronto Act.
    • KPMG also reviewed revenue options that the City does not currently have the legislative authority to implement, including the hotel tax, a development levy, and a municipal sales tax.[30]
  • City Council has requested that the City Manager (in consultation with the General Manager, Economic Development and Culture) include an assessment of the economic impact of any potential new taxes in any further analysis of revenue options. It has also requested that information about the potential revenue opportunity of a surcharge on car rentals be included in a report on the City’s long-term financial direction (expected in Fall 2016).[31]

 

The City’s tax- and rate-supported operating budget for 2016 is $11.75b, a 2% increase over 2015’s $11.5b:[32]

  • Overall, the total 2016 budget tax increase after assessment growth is 0.88% (below the rate of inflation). Residential properties will see a 1.3% increase but, in keeping with Council’s strategy to enhance the city’s business climate by reducing business taxes, non-residential properties will see an increase of only 0.43%.
    • The total municipal tax increase for residential properties is 2.69%, which includes 0.6% to fund the new subway extension in Scarborough. The average house assessed at $549,586 will pay $2,748 in 2016 ($72.26 more than in 2015).
    • The total tax increase for non-residential properties including rental apartments is -0.17%.[33]
  • The budget maintained all current programs and services and provided funding for new and enhanced services, including:
    • $8m towards poverty reduction, including expanding the student nutrition and Homemakers and Nurses Services programs, enhancing cold-weather drop-in services, and more funding for childcare subsidies;
    • $5.5m to support the Mayor’s task force on Toronto Community Housing by funding door security systems, evening and weekend cleaning, a cost-relief program for rent-geared-to-income residents with electric heating, and new social programs;
    • early Sunday morning subway service and improved streetcar reliability;
    • more inspectors to prevent traffic disruptions by construction work;
    • two more superintendents, 57 more paramedics, and 17 more Fire Services staff; and
    • $5m for the phase-in of $25 per-capita arts and culture funding.[34]

 

City of Toronto 2016 Total Operating Revenues of $11.75b [35]

A1603771_WhereMoneyComesFrom_Capital

City of Toronto Property Tax Revenue Spending, 2016 [36]

tax-dollars

City of Toronto 2016 Total Operating Expenditures of $11.75b [37]

A1603771_WhereMoneyComesFrom_Capital

Almost three-quarters of the City’s capital budget will be spent on transit and transportation:

  • The tax-supported capital budget for 2016 is $2.2b, 10% more than 2015’s $2.0b.
  • 70% ($1.588b) will go to fund transit and transportation projects, including $252m for the Spadina Subway extension and $120m for the Scarborough Subway extension.[38]

City of Toronto 2016 Tax-Supported Capital Budget [39]

budget-charts

 

The 10-year capital budget and plan increased by 5.7% over last year:

  • The 10-year (2016-2025) tax- and rate-supported capital budget has increased from $31.7b in 2015 to $33.5b.
    • $15.8b in new capital investments will go towards transportation and transit. The budget plan will continue to fund the Toronto-York Spadina subway extension ($596m) and the subway extension in Scarborough ($3.5b).
    • The tax-supported portion of the 10-year capital budget only (21.0b), 63% will be spent on maintaining and investing in the City’s state of good repair (SOGR) for aging infrastructure and 33% to service improvements and growth-related projects.[40]
  • Major investments over the next 10 years include:
    • $1.19b in funding for Parks Forestry & Recreation will go to SOGR and service improvements such as new ferry boats for the Toronto Islands, a new pool at Wellesley Community Centre, and replacing the Don Mills Civitan Arena;[41]
    • $118.13m for growth-related projects as a part of the waterfront revitalization including completion of the Fort York Pedestrian and Cycling Bridge, and creating new linear park spaces for neighbourhoods in the downtown core and Waterfront;[42]
    • $57.24m for fire services including funding for the construction of three new fire stations and purchasing specialized trucks and equipment;[43]
    • SOGR funding for Toronto Transportation Services including
  • $613.817m for major road rehabilitation
  • $2.293b for the F. G. Gardiner expressway,
  • $414.485m for city bridges and $151.589m for sidewalks; and[44]
    • $42.91m for Child Services to fund SOGR in Toronto Early Learning Child Care Centres and new projects including eight new childcare centres with 457 spaces.[45]

City of Toronto 10-Year (2016-2025) Total Capital Expenditures of $33.5b [46]

A1603771_WhereMoneyComesFrom_Capital

How is Toronto performing on indicators of economic vitality?

Toronto’s economic growth and productivity is modest but growing:

  • The provincial economy as a whole grew by 2.1% in 2015.[47]
  • Growth of real GDP for the Region in 2015 was 3.6%[48]
  • It is expected that the Toronto Region’s GDP will grow by 3.3% in 2016 and 3.2% in 2017.[49]
  • Toronto’s productivity (measured by GDP per worker) grew by 2.2% in 2014 (better than the 0.4% in 2013), from $114,208 to $116,673.[50]
  • According to the City, the downtown core accounts for only 3% of the land space in Toronto, but for 50% of GDP and 33% of employment.[51]
  • In millions of constant 2007 dollars, GDP in the city of Toronto in 2014 was estimated to be $166,663 million (3.1% higher than the $161,614 million in 2013).[52] Toronto’s 2014 estimate was 10.2% of the national total ($1,634,178 million), and 27.8 % of the provincial total ($600,575 million).[53]
  • In 2015, Toronto’s GDP was estimated to be $171,330 million.[54]

 

Estimated GDP (Millions of Constant 2007 Dollars), 2001-2015, City of Toronto [55]

gdp

 

Business bankruptcies in the Region increased in 2015, but consumer bankruptcies continued their decline:

  • 2015 saw 401 business bankruptcies in the Toronto Region, an increase of 9% from 368 in the previous year[56], but a 64.3% decrease from 1,122 in 2008.[57]
    • The rate of business bankruptcies in 2014 was 0.7 per 1,000 businesses, down 0.3 points from 2013 levels (1 per 1,000 businesses) and 1.7 points from 2009 (2.4 per 1,000). The Region’s rate was lower than the provincial and national averages (0.8/1,000 and 1.2/1,000, respectively).[58]
  • There were 5,532 consumer bankruptcies in 2015, about a third as many as in 2009 (15,423)[59] and less than half as many as in 2008 (12,208),[60] and down 8.3% from 2014 (6,032).[61]
    • The rate of consumer bankruptcies in 2014 was 1.3 per 1,000 people (18 years and older), down 0.1 points from 2013 (1.4 per 1,000) and 2.2 points from 2009 (3.5 per 1,000). The Region’s rate was lower than both the national (2.3/1000) and the provincial (1.8/1,000) averages.[62]

 

Toronto is being recognized as a major entertainment centre and tourist hot spot as the number of visitors to the city has increased six years in a row:

  • Tourism Toronto reports that in 2015, 14.03 million visitors stayed at least one night in Toronto, and another 26 million made same-day trips. Visitors spent $7.2b, a 9% increase from $6.6b in 2014.
  • The organization cites a low dollar, lower fuel prices (and thus more disposable income), and a new Air Canada program that allows US travelers a free stopover in Toronto en route to Europe or Asia as factors in the increase.
    • US travelers (mostly from border states) comprise the majority of our international visitors. 2.48 million came in 2015, two-thirds of them flying here and a third driving.
  • Last summer’s Pan Am Games also drew tourists, and major sporting events throughout 2016 were expected to as well: the NBA All-Star Game, the return of the Grey Cup after a 12-year hiatus, the World Cup of Hockey, and the world junior hockey tournament.[63]

 

Toronto is a hotspot for luxury retailers:

  • According to CBRE, the world’s largest real estate investment manager, the diversity of Toronto’s population is attracting luxury retailers, with 26 new brands opening in 2015 and retail sales increasing 3.2% in 2015. Sales are expected to increase 4.5% in 2016.
  • As of 2016 Toronto has 36.9% of 334 leading international retailers present, a slight increase from 36.2% in 2015.
    • Although Vancouver’s diversity also attracts international brands, it ranks behind Toronto with 31.1% of retailers present.[64]

 

How is Toronto faring in terms of a key indicator of economic vitality—construction activity?

Construction overall was down in 2014, although major building construction remains a strong area for Toronto:

  • Housing starts in the Region increased in 2015, rising 46.2% to 42,287 (from 28,929 in 2014, itself a 13.8% drop from 33,547 in 2013).[65]
  • The value of building permits issued in Toronto in 2014 decreased from the previous year by 11.6% to $6.98B (down from 7.90B in 2013, but up from $6.5B in 2012).
    • $4.3B in residential building permits was issued in 2014, down from $4.5B in 2013 (but up from $3.1B in 2012).
  • The value of commercial permits was down $6.4M ($1.96B in 2014 versus $2.6B in 2013).[66]
  • As of April 2016, 128 high- and mid-rise buildings were under construction in the city, slightly fewer than the 133 reported at the same time the previous year.[67]
  • According to skyscraperpage.com, Toronto has the most high- and mid-rise buildings under construction of any city in North America. And although Toronto has slightly fewer 50+ story buildings under construction than New York City does, we have significantly more buildings under 50 stories and are second only (according to another data source, Emporis) to New York for major buildings under construction.[68]

The Toronto Region gained an additional 2.1M square feet of office space between Q4 2013 and Q4 2014:

  • By Q4 2014, the Region boasted 173,788,753 ft2 of office space, a 1.23% increase over the same period the previous year (up from 171,651,359 ft2).[69]
    • 4.5 million ft2 of office space was built between 2009 and 2011, and 5.1 million ft2 were estimated to go up between 2014 and 2017.[70]

Toronto has “come into its own as a global business centre,” with a downtown “class A” office market currently in one of the longest development cycles in its history:

  • projectingGlobal commercial real-estate firm Cushman & Wakefield reports that this cycle will see class A office inventory increase by 25.9% (9.9M ft2) between 2009 and 2017.
  • Although the new supply means premium office space vacancy will rise (it is expected to reach 9.6% downtown by 2017), the report predicts that this market’s solidity and explosive growth will sustain its success.[71]

Toronto’s Downtown Class A Market Dynamics with Projection Forecast, 2008-2017 [72]

 

Can the “sharing economy” have a positive impact on Toronto’s society?

With the “sharing economy” affecting markets, MaRS Solutions Lab, the Province, and the City have proposed an action plan towards becoming a “sharing city”:

  • The sharing economy is a market model based on peer-to-peer lending, sharing, borrowing, or bartering of goods and services. Increasingly, app based technologies that permit individuals to offer for-profit services through the use of their private assets (cars, homes) are being referred to as part of the sharing economy, although this association is controversial.
  • The disruption of current markets with technologies like the online accommodation marketplace Airbnb and the transportation app Uber is requiring governments to consider changing regulations that pertain to affected markets.
  • In Toronto, the Sharing Economy Public Design project—a collaboration between the municipal and provincial governments and MaRS Solutions Lab—conducted interviews and consultations to better understand how Toronto can build a sharing economy that benefits the city. Methods included learning from other cities, and mapping Toronto’s assets.[73]

 

Toronto’s Assets Map, 2016 [74]

asset-map

 

  • Toronto was Airbnb’s second most popular Canadian city in 2014.[75] The project’s recommendations for Airbnb (whose 11,000 Ontario home sharers hosted 375,000 visitors in the last year) included implementing a 180-day maximum rental and clarifying hosts’ tax obligations.
  • Toronto’s 10,000 taxi drivers compete with an estimated 15,000 Uber drivers. Recommendations from the project included improved training programs and driver vetting (with vehicle inspections and driver screening), ensuring insurance coverage, and a change in pricing models.[76]

 

Uber use almost doubled in a year, and while satisfaction with the service is high, most Torontonians agree with regulation of it:

  • An April 2016 Forum Research telephone survey of a random sample of 858 Toronto voters found that 32% had used the app—almost double the 18% who had used it a year previously, when the market research firm first started tracking Uber use.
    • Younger people are more likely to use Uber—over half (53%) of respondents aged 18-34 had.
  • Satisfaction with Uber had dropped in April 2016 since a December 2015 poll, but remained high. 68% reported being “very satisfied” with the service (compared to 86% in December).
    • Satisfaction with taxis was more split, with 18% “very satisfied,” 32% “somewhat satisfied,” and 22% “not very satisfied.”
  • The majority of respondents (53%) approved of potential new regulations that place more restrictions on Uber and its drivers. Support was stronger among older adults (60% of those 65+ approved versus 45% of those 18-34).
  • More respondents favoured Uber drivers over cab drivers in the dispute between the two (42% versus 31%, respectively). The side chosen, however, varied greatly by age, with younger respondents more likely to favour Uber drivers (60% support from 18-34 year olds versus a low of 20% support from those 65+).[77]

 

On May 3, 2016, Toronto City Council adopted a new vehicle-for-hire bylaw to take effect July 15, 2016. The bylaw regulates private companies (e.g., Uber), taxi services, and limousines. A new category of licensing, for the Private Transportation Company (PTC), allows companies such as Uber to operate in the City of Toronto with regulations:

  • According to the new by-law:
    • Taxi cab brokerages will be able to provide discounts to passengers as long as the rates are posted and are shown on the meter. However, cabs that are hailed on the street at a stand must charge the rate regulated by the city.
    • Taxi drivers no longer have to complete the city training (including refresher training) or be certified in First Aid or CPR training to receive their licensing. Instead of the Taxicab Driver license, taxi drivers will receive the Vehicle-For-Hire license upon renewal.
    • All vehicles will be required to have snow tires or all-weather tires from December 1 to April 1.
    • The licensing fee for taxi cab drivers will be $130 and $130 for renewal.
    • A PTC license will be required for app-based private vehicle drivers, which will cost annually $15 per driver and $0.30 trip, which the PTC will be responsible for.
    • The one-time application fee for the PTC license will be $20,000.
    • The minimum rate set by the city will be $3.25. Any other charges will not be regulated. PTC drivers and taxi cab drivers will be able to set rates above the city rate under the condition that the amount is clearly communicated and approved by the passenger before the trip and a detail receipt is provided.
    • PTC vehicles will require Automobile Liability Insurance coverage of at least $2m before they can receive their PTC licence. The PTC must have commercial general liability insurance coverage of $5m.
    • 12% of taxi cabs are accessible. PTCs with more than 500 vehicles are required to provide accessible service at the same rate and similar time frame as non-accessible vehicles.
    • Passengers will only be able to book PTC vehicles via the app.[78]

 

“Uber vs City Hall: ‘New’ industry models within traditional systems of governance”:

 

The Bunz Trading Zone is giving Torontonians an alternative to cash:

  • Ideas-and-InnovationsToronto-based start-up Bunz Trading Zone launched an app in 2016 for online trading—no cash is exchanged—only objects and services.
  • As of May 2016, 26,000 people were using the app, 89,000 items had been posted, and 18,000 trades completed.
  • The app designates “zones,” public locations such as coffee shops (usually close to the subway) where users can meet offline to make their trades.[79]

 

How could anchor institutions build the economies of their communities?

Toronto’s anchor institutions could offer a model strategy for more equitable and inclusive economic development—social procurement:

  • A research paper from the Mowat Centre think tank at the University of Toronto and the Atkinson Foundation looks at anchor institutions’ potential for building community wealth in the province. 17 people from 13 organizations across Canada, the US, and the UK were interviewed.
  • Anchor institutions are defined as “large public or nonprofit institutions rooted in a specific place, such as hospitals, universities or municipal governments.” Their size means they may provide the most employment opportunities or be the single biggest purchaser of goods and services in their community.
  • Three Toronto area case studies illustrate the potential economic impact of social procurement and hiring by anchor institutions—that is, how their resources could be used to benefit communities, particularly those with economic or other historical disadvantages.
    • Ryerson’s food services have implemented a policy whereby 25% of food delivered in the first year of a new contract (and 2% more each subsequent year) must be locally and sustainably sourced.
    • The City of Toronto, through its Social Procurement Framework, is aiming to add more small, minority-owned, and social enterprises to its vendors list.
    • Through a redevelopment project, the Scarborough campus of the University of Toronto is planning to become the intellectual, cultural, and employment hub of the region.[80]

 

Ideas-and-InnovationsCleveland has enacted an “anchor mission” to harness the city’s biggest institutions to stimulate the local economy.

  • The Cleveland Foundation is a leading neutral convenor in the city, and as part of this strategy has made efforts to convince anchor institutions to buy and hire locally, as well as to impact invest locally.[81]

 


 

To learn more about innovative community-based organizations and programs working to address issues relating to health and wellness, check out ckc.torontofoundation.ca.

 

 


 

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[2] Enid Slack and André Côté. (2014). Is Toronto Fiscally Healthy? A Check-Up on the City’s Finances. Institute on Municipal Finance and Governance, IMFG Perspectives No. 7/2014. Last accessed June 19, 2015, from http://munkschool.utoronto.ca/imfg/uploads/288/1581fiscallyhealthyr5final.pdf.

[3] James Armstrong, Global News. (2015). Toronto needs cash. Why is the city so scared of new revenue? Last accessed September 20, 2015 from http://globalnews.ca/news/1835027/toronto-needs-cash-why-is-the-city-so-scared-of-new-revenue/.

[4] James Armstrong, Global News. (2015). Toronto needs cash. Why is the city so scared of new revenue? Last accessed September 20, 2015 from http://globalnews.ca/news/1835027/toronto-needs-cash-why-is-the-city-so-scared-of-new-revenue/.

[5] City of Toronto. (2016). Toronto Budget 2016: Understanding Toronto’s Budget. Last accessed September 1, 2016 from http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2016/PDFs/Budget%20Basics/Web%20Final%20A1508170_Budget_Basics_Understanding-final.pdf.

[6] Enid Slack and André Côté. (2014). Is Toronto Fiscally Healthy? A Check-Up on the City’s Finances. Institute on Municipal Finance and Governance, IMFG Perspectives No. 7/2014. Last accessed June 19, 2015, from http://munkschool.utoronto.ca/imfg/uploads/288/1581fiscallyhealthyr5final.pdf.

[7] Enid Slack and André Côté. (2014). Is Toronto Fiscally Healthy? A Check-Up on the City’s Finances. Institute on Municipal Finance and Governance, IMFG Perspectives No. 7/2014. Last accessed June 19, 2015, from http://munkschool.utoronto.ca/imfg/uploads/288/1581fiscallyhealthyr5final.pdf.

[8] City of Toronto. (2016). Toronto Budget 2016: Understanding Toronto’s Budget. Last accessed September 1, 2016 from http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2016/PDFs/Budget%20Basics/Web%20Final%20A1508170_Budget_Basics_Understanding-final.pdf.

[9] City of Toronto. Toronto 2016 Budget Infographic. Last accessed September 1, 2016 from http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2016/Infographics/InfoGraph_water.pdf; City of Toronto. (2016). Toronto 2016 Budget: Rate Supported Budgets. Last accessed September 1,2016 from http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2016/PDFs/Budget%20Basics/BudgetBasics_RateSupported.pdf

[10] City of Toronto. (2016). Toronto 2016 Budget: Rate Supported Budgets. Last accessed September 1,2016 from http://www1.toronto.ca/City%20Of%20Toronto/Strategic%20Communications/City%20Budget/2016/PDFs/Budget%20Basics/BudgetBasics_RateSupported.pdf

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